Saturday, 23 August 2014
Last updated 1 day ago
Jan 28 2013 | 1:38pm ET
Hedge funds started 2013 by adding 1.41%, according to the latest Hedge Fund Monitor from Bank of America Merrill Lynch, although they still trailed the S&P 500 which had gained 4.81% as of January 23.
Event driven and long/short equity funds performed best over the monitored period, adding 2.80% and 1.80%, respectively. Market neutral funds turned in the worst performance, slipping 0.43%.
BofAML Mary Ann Bartels said their models indicate market neutral funds sold market exposure to 4% from 2% net short while equity long/short funds sold market exposure to 22% from 27% net long, well below the 35-40% benchmark. Macros bought the NASDAQ 100, commodities and 10-year Treasuries; remained flat the S&P 500; and aggressively added to their shorts in U.S. dollar futures. In addition, they sold emerging market exposures to a net short while maintaining their shorts in EAFE.
An examination of Commodity Futures Trading Commission data shows large speculators bought the NASDAQ 100 and Russell 2000 futures, and sold the S&P 500.
Agriculture speculators bought soybean, added to their shorts in wheat, and were essentially flat corn while metals specs bought gold, silver, platinum and palladium while selling copper. Gold, said Bartels, is nearing a buy signal.
Large energy speculators bought crude and gasoline, sold heating oil and maintained their shorts in natural gas.
Forex specs partially covered yen, bought the U.S. dollar and the euro and interest rate specs partially covered their shorts in 30-year Treasuries, bought 10-years and sold 2-years.
Aug 4 2014 | 7:42am ET
By now, U.S. and international subscribers have received their home or office delivery of the special 500th issue of Futures magazine. You can too!—a very special offer follows. The issue is the largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders. Read more…
The July/August 2014 issue is our largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders.
The Alpha Pages Editor's Note